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.