Encoding external params inside XSL

Im trying to fill a combobox from external params but i get the follow problem:

please, anyone can help me to get the SELECT filled to show to the user the list of options.

vb.net Code (work fine):
 
oArgs.AddParam("LISTA_CONDICIONES", "", "<option value=""all"">TODOS</option>")
oXSLT.Transform(oXML, oArgs, oSWriter)
 
the XSL file:
 
<xsl:stylesheet version="1.0" xmlns:xsl="http://www.w3.org/1999/XSL/Transform">
	<xsl:param name="LISTA_CONDICIONES" />
 
	<xsl:template match="/">
		<SELECT><xsl:value-of select="$LISTA_CONDICIONES"/></SELECT>
    </xsl:template>
</xsl:stylesheet>
 
 
HTML Result:
<SELECT>&lt;option value="all"&gt;TODOS&lt;/option&gt;</SELECT>

Select allOpen in new window