Greater Middle East and Central Asia Development Act of 2004 - Authorizes the President to provide assistance to countries (excluding those countries supporting international terrorism) in the Greater Middle East and Central Asia to promote economic and political freedoms, free trade, and private sector development, including working with other donors and the countries of the Greater Middle East and Central Asia to establish: (1) a Greater Middle East and Central Asia Development Bank to promote private sector development, trade, including intra-regional trade, and investment in the Greater Middle East and Central Asia; (2) a multilateral Greater Middle East and Central Asia Development Foundation to assist in the administration and implementation of assistance programs, including public-private programs, with emphasis on programs at the grass-roots level; and (3) a multilateral, public-private Trust for Democracy to support grass-roots development of civil society, democratic reform, good governance practices, and rule of law reform in the Greater Middle East and Central Asia.
Defines "Greater Middle East and Central Asia'' as the 22 nations of the Arab world (Algeria, Bahrain, Comoros, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine/West Bank/Gaza, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates, and Yemen), Afghanistan, Iran, Israel, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan, and Uzbekistan.
Expresses the sense of Congress that: (1) the Secretary of State and the heads of other Government agencies should consider new approaches for the coordination of political and economic support for the countries of the Greater Middle East and Central Asia; and (2) the Secretary should consider appointing a Coordinator for Assistance to the Greater Middle East and Central Asia.
Amends the Foreign Assistance Act of 1961 to require congressional notification of fund obligations under this Act.