Millennium Challenge Act of 2003

Millennium Challenge Act of 2003 - Declares that the purposes of the Act are to provide U.S. assistance for global development through the Millennium Challenge Corporation in a manner that: (1) promotes economic growth and the elimination of extreme poverty; and (2) strengthens good governance, economic freedom, and investments in people.

Establishes in the executive branch the Millennium Challenge Corporation to provide assistance aimed at reducing extreme poverty to an eligible developing country that enters into a Millennium Challenge Contract with the Coporation establishing a multiyear plan for achieving economic growth, good governance, economic freedom, and investments in its people. Defines "eligible country" in terms of a country's commitment to democratic governance, economic freedom, and investment in its people (including educational opportunities and health care for all of its citizens).

Establishes a Millennium Challenge Account for the receipt of funds authorized to carry out this Act.