The invention relates to an aqueously dispersible epoxy resin E , comprising building blocks derived from an aliphatic polyether polyol A , an epoxy resin B having at least two epoxide groups per molecule, an epoxy resin B' having at least two epoxide groups per molecule, which may be identical to B , or different from B , an epoxy-functional fatty acid ester D , and an aromatic polyol C , a process for the preparation thereof, and a method of use thereof.