Coral Reef and Coastal Marine Conservation Act of 2005 - Amends the Foreign Assistance Act of 1961 to establish in the Department of the Treasury the Coral Reef and Other Coastal Marine Resources Facility.
Authorizes the President: (1) through the exchange by the Facility of new obligations for outstanding obligations of an eligible Latin American or Caribbean country with a coral reef or other coastal marine resource, to reduce the amount of concessional loans owed by the country to the United States as of January 1, 2005; and (2) to sell, reduce, or cancel such loans to facilitate a debt-for-nature swap or a debt buyback with an eligible purchaser or country to support coral reef and other coastal marine resource conservation.
Requires each beneficiary country that has entered into a Coral Reef and Other Coastal Marine Resources Agreement with the Secretary of State to establish a Coral Reef and Other Coastal Marine Resources Fund to receive payments of interest on new obligations undertaken by the country to provide grants for coral reef and other coastal marine resource conservation projects.